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2 <br /> <br />THIS AGREEMENT, made and entered into on the 24th day of January, 2024, by <br />and between the City of Little Canada, a Minnesota municipal corporation ("CITY"), and U.S. <br />Home, LLC, a Delaware limited liability company ("DEVELOPER"). <br /> <br />RECITALS: <br /> <br />WHEREAS, in pursuant of the DEVELOPMENT PROJECT, the DEVELOPER has <br />applied to the CITY for approval of the DEVELOPMENT PLANS and FINAL PLAT for <br />Pioneer Commons 3rd Addition; and <br /> <br />WHEREAS, in conjunction with the granting of these approvals, the CITY requires <br />the installation and/or availability of public utilities (sewer and water), public streets, storm <br />sewer pipes, ponds, and other facilities; and <br /> <br />WHEREAS, under authority granted to it, including Minnesota Statutes Chapters 412, <br />429, and 462, the COUNCIL approved the FINAL PLAT and DEVELOPMENT PLANS on <br />the following conditions: <br /> <br />1. That the DEVELOPER enters into this DEVELOPMENT AGREEMENT, which <br />contract defines the work which the DEVELOPER undertakes to complete; and <br /> <br />2. The DEVELOPER shall provide an irrevocable letter of credit and cash deposits in the <br />amounts and with conditions satisfactory to the CITY, providing for assurance of <br />payment for the actual construction and installation of the improvements in the <br />DEVELOPMENT PLANS, as specified and required by the CITY. <br /> <br />WHEREAS, the DEVELOPMENT PLANS were prepared by a registered professional <br />engineer and have been submitted to and approved by the CITY ENGINEER. <br /> <br />NOW, THEREFORE, subject to the terms and conditions of this DEVELOPMENT <br />AGREEMENT and in reliance upon the representations, warranties and covenants of the <br />parties herein contained, the CITY and DEVELOPER agree as follows: <br /> <br />ARTICLE l <br />DEFINITIONS <br /> <br />1.1. TERMS. The following terms, unless elsewhere defined specifically in the <br />DEVELOPMENT AGREEMENT, shall have the following meanings as set forth below. <br /> <br />1.2. BUILDER. "BUILDER" means an entity that will be constructing a residence <br />on a lot in the FINAL PLAT. <br /> <br />1.3. CITY. "CITY" means the City of Little Canada, a Minnesota municipal <br />corporation. <br /> <br />1.4. CITY ENGINEER. "CITY ENGINEER" means the City Engineer of the City